Hong Kong based mobile lender WeLab raised $220mn in a series B financing; investors in the round include Alibaba Hong Kong Entrepreneurs Fund, CreditSuisse, the World Bank’s International Finance Corporation (IFC) and others; they plan to use the funds for improving credit technology and look to expand globally. Source.
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
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German based Raisin has raised $114mn from Index Ventures and PayPal; the...
There are an estimated 800,000 federal workers affected by the partial government...
Many Americans are taking a new look at their personal finances and...
Leading UK consumer organization, Which?, has published new research showing in the last two years 1,045 branches have closed; HSBC has closed 27% of branches, Lloyds has closed 14% and Co-operative Bank has closed 53% of branches; the banks have said the rise of digital banking has moved their customers away from in person branches; while the move to digital banking is continuing, research by Bain also shows that 40% of global customers would consider a new bank if their branch was closed. Source
Liveoak Technologies Closes $8 Million Funding Round Led by S3 Ventures World...
Merchants, community banks and credit unions are pushing the Fed to create...
Naspers is the most valuable listed company in Africa and is now selling $10 billion worth of shares in Tencent to invest in fintech, classified and online food delivery businesses; Naspers stake in Tencent is estimated at $545 billion; this is the first time the company has sold shares in the company after initially investing in 2001. Source
This afternoon LendingClub released their earnings for Q3 2020. They have bounced...
Artificial intelligence (AI) solutions are emerging in the wealth management space as a rival for robo advice; AI solutions are providing more sophisticated investment portfolio options than robo advisors using machine learning data optimization capabilities; there are a number of AI solutions supporting investment management that are already being used broadly within wealth management including Watson, Alladin, Kensho and Sqreem; these artificial intelligence systems and others under development have the capability to develop investing portfolios based on a range of technological data inputs while also using machine learning to analyze, interpret and act on information obtained from various sources such as news articles and social media; it's predicted that these AI solutions could evolve into offering more robust portfolio advice directly for retail investors. Source